SP500 technical analysis and NASDAQ analysis for today May 9th using Elliott Wave Theory- The market chops sideways as we await it’s next move. Did the bulls grab control?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 the market moved lower after the FED meeting. The bulls held the market near the Friday highs on Monday and have a potential setup for a wave 5 of C to the 4175-90 area. If they follow through I would look for a b wave after that and then a C wave to 4300+

However, if the bears can break last weeks low we should see 3950 quickly.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continues to play by the rules better than the ES. It is in support for a 3 of 3 breakout and needs a move over 13453 to confirm

However, if the bears can break the 12925 Then 12800area and push down we could see a move to the 12500 area more directly